Nortech Systems Incorporated (NSYS) Cash Flow Statement
Where NSYS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.7M
- Capital expenditures
- $661,000 0.6% of revenue
- Free cash flow
- $2.1M 1.8% margin
- Returned to shareholders
- —
- Change in cash
- $739,000 cash at year-end $1.7M
Cash from operations
$2.7M
Capital expenditures
−$661,000
Acquisitions & other
+$504,000
Net borrowing (repayment)
−$1.9M
Other financing
+$23,000
Currency & other
+$20,000
Change in cash
$739,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
NSYS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NSYS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.5M2016 | $2.7M2025 | −2.8%/yr | |
| Capital expenditures | $2.0M2016 | $661,0002025 | −11.4%/yr | |
| Free cash flow | $1.6M2016 | $2.1M2025 | +3.1%/yr | |
| Free cash flow margin | 1.4%2016 | 1.8%2025 | +0.4 pts | |
| Operating cash flow / net income | 80.742016 | 0.262023 | −80.48 | |
| Stock-based compensation | $9942016 | $503,0002025 | +99.7%/yr | |
| Dividends paid | $02016 | $7,0002019 | — | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 1.7%2016 | 0.6%2025 | −1.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NSYS cash flow by activity
OperatingInvestingFinancingChange in cash
NSYS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NSYS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$252,000 | −$1.3M | $6.9M | $2.0M | $7.2M | −$1.5M | −$1.2M | $166,000 | −$2.4M | $43,774 |
| Depreciation & amortization | $1.3M | $1.7M | $2.0M | $1.9M | $1.9M | $2.2M | $2.2M | $2.2M | $2.5M | $2.3M |
| Stock-based compensation | $503,000 | $461,000 | $423,000 | $334,000 | $259,000 | $68,000 | $261,000 | $126,000 | $43,200 | $994 |
| Change in working capital | $1.4M | −$3.2M | −$5.3M | $1.4M | −$9.4M | $1.3M | −$796,000 | −$319,000 | $711,239 | $1.7M |
| Other non-cash items | −$192,000 | $83,000 | −$2.3M | −$230,000 | −$4.5M | −$658,000 | $539,000 | $282,000 | −$3,419 | −$530,642 |
| Cash from operating activities | $2.7M | −$2.2M | $1.8M | $5.4M | −$4.5M | $1.4M | $997,000 | $2.4M | $806,245 | $3.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$661,000 | −$1.3M | −$1.3M | −$2.4M | −$1.3M | −$519,000 | −$758,000 | −$1.4M | −$927,137 | −$2.0M |
| Investments (net) | — | −$1.3M | −$1.8M | −$2.4M | −$730,000 | $5.5M | −$758,000 | −$1.4M | −$258,351 | −$2.0M |
| Acquisitions & other investing | $504,000 | $1.3M | $1.8M | $2.4M | $1.3M | $519,000 | $758,000 | $1.4M | $927,137 | $2.0M |
| Cash from investing activities | −$157,000 | −$1.3M | −$1.3M | −$2.4M | −$730,000 | $5.5M | −$758,000 | −$1.4M | −$258,351 | −$2.0M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | −$7,000 | — | $0 | $0 |
| Share repurchases & issuance (net) | $0 | −$100,000 | $0 | — | — | $0 | −$130,000 | −$276,000 | −$30,000 | $4,822 |
| Net borrowing (repayment) | −$1.9M | $2.8M | −$1.4M | −$2.7M | $3.9M | −$4.0M | −$402,000 | −$613,000 | $149,824 | −$1.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $23,000 | $38,000 | $159,000 | $51,000 | $35,000 | $0 | $14,000 | $0 | −$158,418 | −$25,149 |
| Cash from financing activities | −$1.9M | $2.8M | −$1.3M | −$2.7M | $3.9M | −$4.0M | −$525,000 | −$889,000 | −$38,594 | −$1.4M |
| Summary | ||||||||||
| Net change in cash | $739,000 | −$759,000 | −$806,000 | $256,000 | −$1.3M | $2.9M | −$287,000 | $168,000 | $510,365 | $267,317 |
| Cash at end of period | $1.7M | $916,000 | $1.7M | $2.5M | $2.2M | $3.6M | $660,000 | $947,000 | $778,569 | $268,204 |
| Free cash flow | $2.1M | −$3.5M | $485,000 | $3.0M | −$5.8M | $844,000 | $239,000 | $1.0M | −$120,892 | $1.6M |
| Free cash flow margin | 1.8% | −2.7% | 0.3% | 2.2% | −5.1% | 0.8% | 0.2% | 0.9% | −0.1% | 1.4% |
| Capex / revenue | 0.6% | 1.0% | 0.9% | 1.8% | 1.1% | 0.5% | 0.7% | 1.2% | 0.8% | 1.7% |
| Operating cash flow / net income | — | — | 0.26 | 2.69 | −0.63 | — | — | 14.72 | — | 80.74 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $316,000 | −$34,000 | $897,000 | −$146,000 | $313,000 | −$1.3M | −$1.5M | −$739,000 | $157,000 | $765,000 | $4.4M | $1.2M |
| Depreciation & amortization | $315,000 | $303,000 | $302,000 | $308,000 | $331,000 | $347,000 | $338,000 | $434,000 | $484,000 | $482,000 | $511,000 | $512,000 |
| Stock-based compensation | $194,000 | $126,000 | $134,000 | $134,000 | $117,000 | $118,000 | $127,000 | $128,000 | $126,000 | $80,000 | $124,000 | $107,000 |
| Change in working capital | −$1.4M | −$1.4M | $4.6M | −$874,000 | $1,000 | −$2.3M | $1.9M | −$1.6M | −$5.0M | $1.5M | −$3.0M | −$237,000 |
| Other non-cash items | −$315,000 | −$572,000 | −$339,000 | $486,000 | −$605,000 | $266,000 | −$48,000 | $165,000 | −$40,000 | $6,000 | −$2.4M | $311,000 |
| Cash from operating activities | −$888,000 | −$1.6M | $5.6M | −$92,000 | $157,000 | −$2.9M | $793,000 | −$1.6M | −$4.3M | $2.8M | −$412,000 | $1.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −$95,000 | −$228,000 | −$661,000 | −$150,000 | −$99,000 | −$268,000 | −$290,000 | −$40,000 | −$276,000 | −$744,000 | −$163,000 | −$165,000 |
| Investments (net) | — | — | — | $345,000 | −$90,000 | −$268,000 | −$292,000 | $40,000 | −$276,000 | −$735,000 | −$163,000 | −$165,000 |
| Acquisitions & other investing | $0 | $0 | $517,000 | $150,000 | $99,000 | $268,000 | $290,000 | $40,000 | $276,000 | $744,000 | $163,000 | $165,000 |
| Cash from investing activities | −$95,000 | −$228,000 | −$144,000 | $345,000 | −$90,000 | −$268,000 | −$292,000 | $40,000 | −$276,000 | −$735,000 | −$163,000 | −$165,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | $0 | — | — | — | −$33,000 | — | — | — | — | −$18,000 |
| Net borrowing (repayment) | $203,000 | $2.6M | −$5.1M | $360,000 | −$592,000 | $3.4M | −$770,000 | $1.3M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $235,000 | −$290,000 | $0 | $0 | $4,000 | $19,000 | $7,000 | −$67,000 | $2.1M | $274,000 | $1.1M | −$2.5M |
| Cash from financing activities | $438,000 | $2.3M | −$5.1M | $360,000 | −$588,000 | $3.4M | −$796,000 | $1.2M | $2.1M | $274,000 | $1.1M | −$2.5M |
| Summary | ||||||||||||
| Net change in cash | −$534,000 | $553,000 | $384,000 | $619,000 | −$510,000 | $246,000 | −$323,000 | −$303,000 | −$2.5M | $2.4M | $554,000 | −$794,000 |
| Cash at end of period | $1.7M | $2.2M | $1.7M | $1.3M | $652,000 | $1.2M | $916,000 | $1.2M | $1.5M | $4.0M | $1.7M | $1.1M |
| Free cash flow | −$983,000 | −$1.8M | $4.9M | −$242,000 | $58,000 | −$3.2M | $503,000 | −$1.5M | −$4.6M | $2.1M | −$575,000 | $1.7M |
| Free cash flow margin | −2.9% | −5.9% | 16.3% | −0.8% | 0.2% | −11.9% | 1.8% | −4.9% | −13.5% | 6.1% | −1.6% | 5.2% |
| Capex / revenue | 0.3% | 0.8% | 2.2% | 0.5% | 0.3% | 1.0% | 1.0% | 0.1% | 0.8% | 2.2% | 0.5% | 0.5% |
| Operating cash flow / net income | −2.81 | — | 6.25 | — | 0.50 | — | — | — | −27.30 | 3.70 | −0.09 | 1.57 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NSYS cash generation
In fiscal 2025 (ended December 31, 2025), Nortech Systems generated $2.7 million of cash from operations and spent $0.7 million on capital expenditures, leaving free cash flow of $2.1 million, 1.8% of revenue. Cash and equivalents rose by $0.7 million over the year.
Related: NSYS income statement, NSYS balance sheet. See the NSYS stock overview for the latest quote and news.
NSYS cash flow FAQ
What is Nortech Systems's free cash flow?
Nortech Systems's free cash flow was $2.1 million in fiscal 2025: $2.7 million of operating cash flow minus $0.7 million of capital expenditures It was -$3.5 million a year earlier..
How much cash does Nortech Systems generate from operations?
Nortech Systems generated $2.7 million of cash from operating activities in fiscal 2025.
How much does Nortech Systems spend on capital expenditures?
Nortech Systems spent $0.7 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $1.3 million the year before.